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MassDevelopment directors approved a $275,000 salary for the state financing agency’s new CEO, Navjeet Bal, under an employment contract that runs through the end of 2027.

Bal succeeds Daniel Rivera, who resigned in April with three years remaining on his contract and had a $235,000 salary.

Bal has experience in the public and nonprofit sectors as a former Department of Revenue commissioner, and most recently was general counsel at nonprofit finance agency Social Impact of Boston. She is a former attorney at law firm Mintz.

MassDevelopment will have 90 days for the expiration date to notify Bal of its intention not to renew her employment contract, according to the agreement signed on Nov 22. Bal’s salary is reviewable on an annual basis.

MassDevelopment provides financing for economic development programs, has overseen the Devens business park project and runs Gateway Cities revitalization programs.

On Friday, the agency announced a study of the potential for housing development on a 7,000-acre portion of the Joint Base Cape Cod. Proposals from land-use consultants are due Feb. 7.